Dear traders,
It appears we still can't seem to shake this bearish down turn we've been dealing with since January, Despite the falling wedge starting to come closer together looking at the 200,100, 50 EMA of Bitcoin as well as Ichimoku cloud both indicate this bearish pattern isn't likely to end anytime soon. If this trend continues it may be worth seeing if we break our next support line at $6,000 If we do test it and break it, it's very likely Bitcoin will drop to $4000 where another key support of bitcoin lies. Furthermore Bitcoins volume has been in decline as well as people appear to have seemed to lose interest in the coin according to google trends with bitcoin being down 87% in searches since December.
It appears we still can't seem to shake this bearish down turn we've been dealing with since January, Despite the falling wedge starting to come closer together looking at the 200,100, 50 EMA of Bitcoin as well as Ichimoku cloud both indicate this bearish pattern isn't likely to end anytime soon. If this trend continues it may be worth seeing if we break our next support line at $6,000 If we do test it and break it, it's very likely Bitcoin will drop to $4000 where another key support of bitcoin lies. Furthermore Bitcoins volume has been in decline as well as people appear to have seemed to lose interest in the coin according to google trends with bitcoin being down 87% in searches since December.
Comment:
ICHIMOKU settings not properly used.